Combine sugar and the water in medium heavy-based saucepan; stir over heat, without boiling, until sugar dissolves. Bring to a boil; boil, uncovered, without stirring, until mixture is a deep caramel color. Remove from heat; allow bubbles to subside. Pour caramel into a deep 8-inch round cake pan; cool completely.

Place pan in baking dish; add enough boiling water to come halfway up side of pan. Bake, in oven, about 40 minutes or until set. Remove custard from baking dish, let stand until cool, cover; refrigerate overnight.

Gently ease crème caramel from side of pan; invert into deep-sided serving plate.

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